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City Council Regular Meeting Minutes May 23, 2006 Page 10 1 Motion by Councilmember Gray, seconded by Councilmember Thuesen, to approve Resolution 2 06-063; Relating to Amcon St. Anthony, LC approving a certificate of completion, 3 acknowledging liquidated damages and approving a deed. 4 5 6 7 8 9 10 Motion carries unanimous, ly. Mayor Faust welcomed the Village Pub to the community. D. Resolution 06-064; Calling for Public Hearing on TIF Modification. 11 12 Ms. Stacie Kvilvang, Ehlers & Associates, reported in completing the City Tax Increment 13 Financing reports for the State Auditor, for TIF District No. 3, it was determined the City would 14 have an excess increment of $247,405 in 2005. Excess increment is defined as increment 15 generated in excess of what was budgeted. Ms. Kvilvang stated this is not typical, especially for 16 a TIF district developed over 15 years ago. 17 18 Ms. Kvilvang stated the Legislature in 2005, changed the TIF law to require communities spend 19 or return any excess increment to the County Auditor for disbursement back to the various tax 20 jurisdictions within nine months after the end of the year — September 1 St of the following year. 21 Ms. Kvilvang stated Ehlers & Associates recommends the HRA and City Council modify the 22 TIF budget for the District to match it to expected revenues. The modification would show the 23 increment would provide the City and HRA maximum flexibility for use of future increment. 24 Ms. Kvilvang noted that Ehlers & Associates assumed the majority of the increment would be 25 needed to satisfy payment of outstanding bonds for the District. Ms. Kvilvang stated an analysis 26 would be completed to determine what would be generated over the term of the District and what 27 would be needed to pay off the bonds. Ms. Kvilvang recommended, to the extent there is any 28 increment not needed to pay for obligations in this District, the City pool the funds to pay for 29 redevelopment costs in TIF District 3-5 or for any redevelopment projects in Project Area No. 3. 30 31 Ms. Kvilvang informed the Council that in order to begin the modification of the Development 32 District and TIF Plan, the City Council would call for a public hearing on August 22, 2006, on 33 the proposed adoption of a modification to the redevelopment plan for Redevelopment Project 34 No. 3 and the proposed modification to Tax Increment Financing District No. 3. 35 36 Motion by Councilmember Thuesen, seconded by Councilmember Horst, to Approve 37 Resolution 06-064; Calling For Public Hearing on a Proposed Modification to the 38 Redevelopment Plan for Redevelopment Project Area No. 3 and the Proposed Modification to 39 Tax Increment Financing District No. 3. 40 Motion carried unanimously. 41 42 E. Resolution 06-065: Reimbursement of qualified costs in TIF District Numbers 3-5 43 not originally outlined in the Development Contract. 44 Ms. Kvilvang reported the City and HRA entered into a contract for private redevelopment on 45 December 19, 2003. As part of that contract, the City and HRA agreed to put in various public 46 improvements including roadways, sidewalks, lighting, landscaping, and storm water ponding. 10